VANCOUVER, Feb. 12 /CNW/ - Magnum Uranium Corp. ("Magnum" or the
"Company") is pleased to announce that it has completed, ahead of schedule,
the terms of its Joint Venture agreement with Energy Metals Corporation (a
subsidiary of Uranium One Inc.) on the 6,000 acre San Rafael property located
in the San Rafael District of Emery County, Utah, and the 360 acre Wild Buck
property located in Converse County, Wyoming. The terms of the Joint Venture
were announced in a press release dated December 5, 2006. As a result, Magnum
now owns an undivided 80% interest in these two mineral properties.
Under a Primary Option, Magnum earned an initial undivided 65% interest
in the properties by completing US$1.0 million in work expenditures and
issuing 600,000 Magnum common shares. Magnum's aggressive 2007 Phase I and II
drill programs at San Rafael enabled the Company to secure its 65% interest
approximately 3 years ahead of schedule. Magnum subsequently exercised a
Secondary Option to earn an additional 15% interest in the Joint Venture by
issuing an additional 250,000 common shares.
The San Rafael Property contains several historic drill-defined deposits
as previously announced and has commissioned Laurence Pancoast, P.Geo., to
complete NI 43-101 resource reports that will be released over the next few
months. Additionally, Magnum is in the process of permitting an aggressive
2008-2009 drilling program with the Utah Department of Oil, Gas and Mining and
with the Bureau of Land Management. The Company is currently in the process of
conducting a Cultural Resource Evaluation in conjunction with this permitting.
Details of the drilling program will be released as they become available.
ON BEHALF OF THE BOARD
"Craig T. Lindsay"
President & CEO
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE
This new release does not constitute an offer to sell or a solicitation
of any offer to sell any securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act). Or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities,
laws, or an exemption from such registration.
For further information:
For further information: Tel: (604) 683-2505, Fax: (604) 683-2506,